文档介绍：INTERNATIONAL
FINANCIAL
MANAGEMENT
EUN / RESNICK
Fourth Edition
Chapter Objective:
This chapter continues discussion of international capital markets with a discussion of the structure of the international bond market.
8
Chapter Eight
International Bond Market
Chapter Outline
The World’s Bond Markets: A Statistical Perspective
Foreign Bonds and Eurobonds
Types of Instruments
Currency Distribution, Nationality, Type of Issuer
International Bond Market Credit Ratings
Eurobond Market Structure & Practices
International Bond Market Indices
Foreign Access to Domestic Markets
Firms’ financial channels:
Foreign Bank Market
Foreign Bond Market
Foreign Equity Market
International Bond Market
International bond markets
Domestic bonds
Foreign bonds
Euro-bonds
International bonds
The World’s Bond Markets: A Statistical Perspective:
The total market value of the world’s bond markets are about 50% larger than the world’s equity markets.
Most issues are denominated in . dollars, euro ,the pound sterling and Japanese yen.
A Statistical Perspective:
Currency
(. $ billions)
Percent
. Dollar
22,

Euro
13,

Yen
8,

Other
7,

Total
51,
100
Amounts of Domestic and International Bonds Outstanding
Currency
Domestic
International
Total
. dollar
$17,
$ 4,
$ 22,
Euro
$ 8,
$ 4,
$ 13,
Pound
$ 1,
$
$ 2,
Yen
$ 8,
$
$ 8,
Other
$ 4,
$
$ 5,
Total
$40,
$ 11,
$ 51,
(As of Year-End 2003 in . $Billions)
Amounts of Domestic and International Bonds Outstanding
(As of Year-End 2003 in .$Billions)
Domestic and International Bonds Outstanding
(As of Year-End 2003 in . $Billions)
Foreign Bonds and Eurobonds
Bearer Bonds and Registered Bonds
National Security Registrations
Withholding Taxes
Recent Regulatory Changes
Global Bonds